Burberry lost more than 2% in London, as Stifel downgraded its recommendation from 'buy' to 'hold', with a target price reduced from 1950 to 1550 pence, on the luxury house's share, which the broker said 'lacks catalysts'.

We are still in the early days of the Daniel Lee era, and the deterioration in sector trends since last September will probably make it difficult for Burberry to prove itself, as investors have been expecting", the broker believes.

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